Lord Philip Hammond, former Chancellor of the Exchequer and Foreign Secretary of the UK has joined a number of new investors in Algbra’s recently launched bridge investment round, which has also attracted Rick Haythornthwaite, former Chairman of Mastercard and current Chairman of The AA; Sir Michael Lockett KCVO, Chairman of Audley Consulting; Alastair Lukies CBE, Chairman of the UK Fintech Alliance and Founder & CEO of Pollinate International; and Jeffrey Cruttenden, Co-Founder of Acorns.
“The UK has and will continue to play a significant role in the global financial landscape. Utilising Britain’s leading expertise across technology, regulation and finance, UK fintechs will enable major boosts not only to the British economy but to infrastructure and economies worldwide. I’m thrilled to be supporting Algbra in this endeavour, in particular their quest to make a global imprint on balancing the financial system to be more sustainable and accessible,” said Lord Hammond.
Founded by Chief Executive Officer Zeiad Idris and Chief Operating Officer Fizel Nejabat, Algbra’s much anticipated public launch - with their proprietary tech stack – will take place in early 2022 with a set of inclusive products and services including accounts, foreign exchange, remittances, and rewards along with other finance products, including ethical mortgages, to follow.
“Our latest group of investors and advisors provide us with the expertise and guidance to deliver world-class solutions to a global market. Their passion for a more equitable and sustainable society is a source of encouragement as we seek to implement our vision,” said Idris.
Algbra, a UK-based sustainable and values-focused digital fintech platform dedicated to providing ethical finance solutions and promoting financial wellbeing, is shaking up global finance by attracting a number of high-profile backers. Its seed investment round led by New World Group, SFC Capital and the British Business Bank earlier this year was oversubscribed.
With the latest success surrounding the launch of its bridge investment initiative, Algbra hopes to be able to enhance its portfolio whilst continuing to focus on its mission of providing a wide range of financial services to the world’s underserved and marginalised sectors.